Indian stocks today, 9 May 2013, snapped three-day wining streak as European stocks fell. The S&P BSE Sensex fell below the psychological 20,000 mark, having alternately moved above and below that mark in intraday trade. The Sensex lost 51.14 points or 0.26%, off close to 120 points from the day's high and up about 35 points from the day's low. The market breadth, indicating the overall health of the market, was negative. Index heavyweight and cigarette major ITC was slightly higher. Another index heavyweight Reliance Industries (RIL) edged lower.
Key benchmark indices snapped three-day winning streak today, 9 May 2013. The Sensex had gained 414.54 points or 2.11% in three trading sessions to settle at 19,990.18 on Wednesday, 8 May 2013, from a recent low of 19,575.64 on 3 May 2013. The Sensex has gained 434.86 points or 2.22% in this month so far (till 9 May 2013). The Sensex has gained 512.33 points or 2.63% in calendar 2013 so far (till 9 May 2013). From a 52-week high of 20,203.66 on 29 January 2013, the Sensex has declined 264.62 points or 1.3%. From a 52-week low of 15,748.98 on 4 June 2012, the Sensex has surged 4,190.06 points or 26.6%.
Coming back to today's trade, IT stocks edged higher after Cognizant Technology Solutions Corp on Wednesday posted a strong set of first quarter numbers and also reiterated its revenue guidance for 2013. Metal stocks dropped. Asian Paints dropped after the company during trading hours today, 9 May 2013 reported fall in Q4 net profit.
Key benchmark indices pared gains after an initial upmove triggered by higher Asian stocks. The barometer index, the S&P BSE Sensex, hit its highest level in over 14 weeks above the psychological 20,000 mark. The CNX Nifty also scaled its highest closing level in more than 14 weeks. Key benchmark indices reversed initial gains to fall to intraday low in morning trade. The Sensex hovered in red in mid-morning trade. Key benchmark indices hovered in negative zone in early afternoon trade. The market moved into positive terrain in afternoon trade. A bout of volatility was seen on mid-afternoon trade as the key benchmark indices pared gains. Key benchmark indices cut losses after sliding to fresh intraday low in late trade.
The S&P BSE Sensex lost 51.14 points or 0.26% to settle at 19,939.04, its lowest closing level since 7 May 2013. The index gained 68.30 points at the day's high of 20,058.48 in early trade, its highest level since 30 January 2013. The index fell 86.35 points at the day's low of 19,903.83 in late trade.
The CNX Nifty was down 19.15 points or 0.32% to 6,050.15, its lowest closing level since 7 May 2013. The index hit a high of 6,084.70 in intraday trade, its highest level since 29 January 2013. The index hit a low of 6,040.45 in intraday trade.
The BSE Mid-Cap index fell 0.44% and underperformed the Sensex. The BSE Small-Cap index declined 0.04% and outperformed the Sensex.
The BSE IT index (up 0.87%), BSE Teck index (up 0.5%), BSE PSU index (up 0.2%), BSE FMCG index (up 0.1%), BSE Power index (up 0.07%) and BSE Capital Goods index (up 0.06%) outperformed the Sensex. The BSE HealthCare index (down 1.62%), BSE Metal index (down 1.46%), BSE Realty index (down 1.1%), BSE Consumer Durables index (down 0.88%), BSE Oil & Gas index (down 0.62%), BSE Bankex (down 0.33%) and BSE Auto index (down 0.3%), underperformed the Sensex.
The total turnover on BSE amounted to Rs 1989 crore, lower than Rs 2069 crore on Wednesday, 8 May 2013.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,322 shares declined and 1,079 shares advanced. A total of 162 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks declined while rest of them rose.
Index heavyweight Reliance Industries (RIL) shed 1.33% to Rs 818.10 on profit booking. The scrip hit high of Rs 832 and a low of Rs 815.50. The stock had gained 3.48% in three trading days to Rs 829.10 on 8 May 2013 from a recent low of Rs 801.20 on 3 May 2013.
Index heavyweight and cigarette major ITC rose 0.48% to Rs 344.45, after striking a record high of Rs 345.85 in intraday trade today, 9 May 2013. The stock hit low of Rs 341.55 in intraday trade. The Uttar Pradesh state government on Tuesday, 7 May 2013, slashed VAT on cigarette/cigar from existing 50% to 25%. The state government had last year increased VAT on cigarette/cigar and tobacco products from 12.5% to 50%.
The Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14.
FMCG major Hindustan Unilever (HUL) was down 0.32% to Rs 584.85. The company after market hours on Wednesday, 8 May 2013, said that as per the tentative schedule of activity, the open offer by its parent firm Unilever Plc to buy additional 22.52% stake in the company at Rs 600 per share would begin on 21 June 2013 and close on 4 July 2013. Unilever Plc plans to hike its stake in Hindustan Unilever to 75% through the open offer from its current holding of 52.48%.
HUL's net profit before exceptional items rose 18% to Rs 781 crore on 12.13% growth in total income from operations to Rs 6465.81 crore in Q4 March 2013 over Q4 March 2012. The company announced the Q4 results during market hours on 29 April 2013.
Asian Paints fell 3.6% to Rs 4,675 after consolidated net profit fell 3.23% to Rs 251.11 crore on 7.48% increase in total income from operations (net) to Rs 2733.14 crore in Q4 March 2013 over Q4 March 2012.
Consolidated net profit rose 12.7% to Rs 1113.90 crore on 13.9% increase in total income from operations (net) to Rs 10970.74 crore in the year ended March 2013 over the year ended March 2012.
"The company registered satisfactory growth inspite of the challenging environment. We witnessed slowdown in demand conditions in the quarter," said K.B.S Anand, managing director and CEO, Asian Paints. "Industrial pains segment continues to be impacted due to economic slowdown. Automotive coatings growth was affected due to subdued demand in the auto sector. International business has recorded a good performance. Middle East has done well even though political events and macro economic uncertainity in some countries continue," he added.
The board of Asian Paints recommended a 10-for-1 stock split of equity shares.
Pharma major Sun Pharmaceutical Industries lost 3.73% to Rs 948.45 on profit booking. The stock had scaled a record high of Rs 997.95 in intraday trade on 7 May 2013.
Ranbaxy Laboratories fell 1.25%, with the stock extending Wednesday's 2.78% fall. The company's consolidated net profit declined 89.91% to Rs 125.75 crore on 33.29% decline in total income to Rs 2562.96 crore in Q1 March 2013 over Q1 March 2012. The company announced Q1 results during trading hours on Wednesday, 8 May 2013.
Ranbaxy Laboratories said that the profitability in Q1 March 2013 was lower than in Q1 March 2012 primarily because of the base effect. The revenue and profitability in Q1 March 2012 was boosted by contribution from exclusivity drug launches.
Lupin gained fell 0.71% to Rs 725.45 on profit booking. The stock had gained 2.43% to settle at Rs 730.65 on Wednesday, 8 May 2013, after the company reported strong Q4 results. The stock had hit record high of Rs 738.80 in intraday trade on Wednesday, 8 May 2013. Lupin's consolidated net profit surged 162.2% to Rs 408.10 crore on 34.7% increase in net sales to Rs 2537.40 crore in Q4 March 2013 over Q4 March 2012. The company's consolidated net profit rose 51.5% to Rs 1314.20 crore on 35.9% growth in net sales to Rs 9461.60 crore in the year ended March 2013 over the year ended March 2012. The company announced results during trading hours on Wednesday, 8 May 2013.
IT stocks edged higher after Information technology services provider Cognizant Technology Solutions Corp on Wednesday posted a strong set of first quarter numbers and also reiterated its revenue guidance for 2013 at 17%.
Tata Consultancy Services (TCS) advanced 1.52%.
Infosys rose 0.4%. The company after market hours on Tuesday, 7 May 2013, announced that it is collaborating with SAP on development of mobile applications for the retail industry. These efforts are focused on giving consumer packaged goods (CPG) companies anytime, anywhere access to sales representatives and merchandisers, enabling them to capture information from the field to make them more competitive and agile, Infosys said.
Wipro rose 0.8%. The company after market hours on Tuesday, 7 May 2013, announced that it has signed an agreement to enter into a strategic partnership and take a minority position in Opera Solutions, LLC, a leading global Big Data science company. Wipro will invest $30 million in the company, which is privately held and headquartered in Jersey City, NJ.
HCL Technologies gained 2.61% to Rs 769.95. The stock had hit a record high of Rs 809 in intraday trade on 17 April 2013 after the company reported strong Q3 results.
Oracle Financial Services Software rose 0.46%. The stock had dropped 3.89% on Wednesday, 8 May 2013 after the company said its foreign promoter intents to pare stake in the company to comply with the minimum public shareholding requirements of the Listing Agreement. The foreign promoter intends to reduce its stake in the company by 5.3%.
Oracle Financial Services Software after trading hours on Tuesday, 7 May 2013, said its consolidated net profit jumped 45% to Rs 281.30 crore on 2% growth in revenue to Rs 881.50 crore in Q4 March 2013 over Q4 March 2012. Consolidated net profit rose 18% to Rs 1075.10 crore on 10% growth in revenue to Rs 3474 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Aptech jumped 20% after the company during market hours today, 9 May 2013 said its board would meet to consider buyback of shares on 13 May 2013.
Metal stocks fell. Jindal Steel & Power (down 3.72%), JSW Steel (down 1.69%), Tata Steel (down 0.83%), Sterlite Industries (India) (down 2.63%), Sail (down 1.03%) and Hindustan Zinc (down 1.34%) edged lower. Hindalco Industries rose 0.49%.
JSW Steel slipped 1.69%. The company after market hours on Wednesday, 8 May 2013, said that the High Court of Judicature at Bombay has sanctioned the composite scheme of amalgamation and arrangement amongst JSW ISPAT Steel and JSW Building Systems and JSW Steel Coated Products and JSW Steel and their respective shareholders and creditors on 3 May 2013.
Auto stocks were mostly lower. Tata Motors shed 0.3%. The company's total sales fell 15% to 51,160 in April 2013 over April 2012. Total domestic sales fell 17% to 47,595 in April 2013 over April 2012. Exports rose 28% to 3,565 during the period. The company announced the monthly sales data on 1 May 2013.
Car maker Maruti Suzuki India declined 1.25%. The company on 7 May 2013 reported 7.58% fall in production to 1.05 lakh units in April 2013 over April 2012. The company's total sales fell 3.1% to 97,302 units in April 2013 over April 2012. The company's domestic sales rose 0.3% to 90,523 units in April 2013 over April 2012. Exports fell 33.3% to 6,779 units in April 2013 over April 2012. The company had announced its sales figures on 1 May 2013.
Mahindra & Mahindra (M&M) gained 0.15%. M&M on 6 May 2013 announced the launch of the 'Bolero Maxi Truck Plus' (BMT Plus) -- a pick-up vehicle to cater to urban transportation needs. The vehicle has been priced at Rs 4.33 lakh (BS3) ex-showroom Thane and Rs 4.43 lakh (BS4), ex-showroom Mumbai excluding Octroi.
Two wheeler makers declined. Bajaj Auto dropped 0.48%. The company's total sales fell 10% to 3.44 lakh units in April 2013 over April 2012. Motorcycle sales fell 12% to 3 lakh units in April 2013 over April 2012. Commercial vehicle sales rose 10% to 43,351 units in April 2013 over April 2012. Exports fell 23% to 1.30 lakh units in April 2013 over April 2012. The company announced the sales figures on 2 May 2013.
Hero MotoCorp declined 0.05%. The company said on 1 May 2013 its total sales fell 9.5% to 4.99 lakh in April 2013 over April 2012.
Shares of private banks declined. ICICI Bank declined 0.47%. Axis Bank fell 2.5%. HDFC Bank dropped 0.96%.
Shares of PSU banks gained. Shares of India's biggest commercial bank in terms of branch network, State Bank of India (SBI), rose 1.81%.
Among other PSU bank stocks, Canara Bank, Bank of India and Bank of Baroda rose by 0.96% to 2.3%.
Indian Bank rose 2.72%. The bank's net profit declined 15.42% to Rs 292.12 crore on 14.99% growth in total income to Rs 4022.46 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results during trading hours today, 9 May 2013.
Indian Bank's ratio of gross non-performing assets (NPAs) to gross advances increased to 3.33% as on 31 March 2013, from 3.18% as on 31 December 2012 and 2.03% as on 31 March 2012. The ratio of net NPAs to net advances increased to 2.26% as on 31 March 2013, from 2.17% as on 31 December 2012 and 1.33% as on 31 March 2012.
Indian Bank's board of directors at a meeting held today, 9 May 2013, recommended dividend of Rs 6.60 per share for FY 2013.
Punjab National Bank (PNB) jumped 4.57%. The state-run bank during market hours today, 9 May 2013, reported 20.59% fall in net profit to Rs 1130.80 crore on 5.37% rise in total income to Rs 11552.84 crore in Q4 March 2013 over Q4 March 2012. The bank's net profit fell 2.8% to Rs 4747.67 crore on 13.35% rise in total income to Rs 46109.25 crore in the year ended March 2013 over the year ended March 2012.
PNB's board of directors at its meeting held today, 9 May 2013, recommended dividend of Rs 27 per share for the year ended 31 March 2013.
Union Bank of India rose 1.42% as the bank's ratio of net non-performing assets to net advances decreased to 1.61% as on 31 March 2013, from 1.7% each as on 31 December 2012 and as on 31 March 2012. Union Bank of India's ratio of gross non-performing assets (NPAs) to gross advances decreased to 2.98% as on 31 March 2013, from 3.36% as on 31 December 2012 and 3.01% as on 31 March 2012.
Union Bank of India's net profit rose 2.09% to Rs 789.38 crore on 15.41% growth in total income to Rs 7500.59 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results during trading hours today, 9 May 2013.
Capital goods pivotals edged higher. Bhel, Siemens and L&T gained by 0.04% to 3.22%.
ABB lost 1.45% after net profit fell 10.66% to Rs 42.56 crore on 10% rise in total income to Rs 1971.40 crore in Q1 March 2013 over Q1 March 2012. ABB said improvements achieved through cost optimisation and operational excellence were eroded by low price realisation and tight market conditions. The company announced its Q1 results after market hours on Wednesday, 8 May 2013.
ABB's order intake declined 8% to Rs 1531 crore in Q1 March 2013 from Rs 1663 crore in Q1 March 2012. The company said short cycle orders registered strong growth even as major project decisions were delayed with customers continuing to exercise caution on large investments. ABB said that the company continues to assess risk-return profile especially of large projects in the current market environment.
ABB said its order backlog continued to remain strong at Rs 8229 crore as on 31 March 2013, compared with order backlog of Rs 9028 crore as on 31 March 2012.
ABB said that the company continues to focus on cost and growth while addressing emerging opportunities such as renewables and energy efficiency by introducing technology and products to meet the changing market needs.
Realty stocks declined. D B Realty, HDIL, DLF and Unitech shed by 0.01% to 2.83%.
The stock exchanges have decided to conduct a special trading session for a short duration on Saturday, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading will start at 11:15 IST and end at 12:45 IST.
The focus of the market is on Q4 results. NTPC announces Q4 results tomorrow, 10 May 2013. Bank of Baroda unveils Q4 results on 13 May 2013. Dr Reddy's Laboratories and Reliance Infrastructure unveil Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. ITC unveils Q4 results on 17 May 2013. Coal India unveils standalone FY 2013 results on 20 May 2013. L&T unveils Q4 results on 22 May 2013. Bharat Heavy Electricals (Bhel) announces Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. GAIL (India) unveils Q4 results on 28 May 2013. BPCL announces Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
The Central Statistics Office (CSO) will issue data on industrial production for March 2013 tomorrow, 10 May 2013. Industrial production rose 0.6% in February 2013.
The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The central bank said that with upside risks to inflation still significant in the near term in view of sectoral demand supply imbalances, ongoing correction in administered prices and pressures stemming from MSP increases, monetary policy cannot afford to lower its guard against the possibility of resurgence of inflation pressures. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
European stock markets edged lower on Thursday after Chinese data showed consumer price inflation rose more than expected in April, stoking fears the government will withhold more easing measures. Key benchmark indices in France and Germany dropped by 0.03% to 0.78%. UK's FTSE 100 rose 0.04%.
Asian stocks rose Thursday with South Korean stocks jumping after a surprise rate cut by the nation's central bank. Key benchmark indices in Taiwan, South Korea, Indonesia and Singapore rose by 0.23% to 1.18%. Key benchmark indices in Japan, China and Hong Kong fell by 0.14% to 0.66%.
China's consumer price index rose more than expected in April, while wholesale prices suffered a steeper fall. The April CPI showed a gain of 2.4% from a year earlier, led by a 4% rise in food prices, the National Bureau of Statistics said Thursday. The rise was more than March's 2.1% increase, though below February's spike of 3.2%. The producer price index, meanwhile, fell by the most since October, dropping 2.6% against a decline of 1.9% in March.
The Bank of Korea on Thursday cut its key interest rate by a quarter-point to 2.5%.
Trading in US index futures indicated a flat opening of US stocks on Thursday, 9 May 2013. US stocks rose Wednesday, with the S&P 500 extending record gains into a fifth session, after companies including Electronic Arts Inc. projected earnings that beat estimates.
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